The Russian equivalent of SWIFT already uses 53 banks from 11 countries.

The Financial Countries Transfer System (SPFS) was developed by the Central Bank of the Russian Federation in 2014 and operates according to international payment standards. A foreign business intending to work in Russia is already joining the SPFS.

Now the issue of using SPFS is especially relevant due to the financial restrictions imposed on the Russian Federation. Sanctions have deprived a significant part of the commercial sector of Russia from settlements in reserve currencies. In this regard, the head of the Central Bank of the Russian Federation called for the development of payments in the national currency.

Seven Russian banks were previously disconnected from the SWIFT system. Restrictive measures affected VTB, Rossiya, Otkritie, Novikombank, Promsvyazbank, Sovcombank and VEB.RF. The US Treasury also ordered the correspondent accounts of Sberbank and its subsidiaries to be closed by March 26.